More than half of business owners across all industries are aware of the recent liability shift, but only 29% are equipped to accept EMV chip credit cards. Although more than half of U.S. adults who have a credit/debit card have been issued a new chip card, only 41% know the benefits of the chip card.
The latest Paychex Small Business Snapshot says the numbers increase significantly in the retail and restaurant/food and beverage spaces – those industries most likely to feel the greatest impact. Of the respondents in those two industries, a combined 69% are aware of the liability shift and 47% report currently having the equipment in place to accept EMV chip credit cards.
Of those businesses that have made the shift to EMV-compliant terminals, 55% described the transition as “easy” or “smooth.”
A new survey from CA Technologies showed consumers lack knowledge and education about the new microprocessor chip credit and debit cards they have been receiving from card issuers to replace their standard magnetic stripe cards. Only 37% say their card issuer provided information or education on how to use it. Further demonstrating the lack of knowledge and education, more than three quarters of the credit/debit card owners who have received a chip card said they believe their new chip card will better protect them from fraud during an online purchase (77%).
CA also found 27% said they would shop mostly or completely online; 25% said will shop mostly or completely in stores; and 47% said they’d spend an even mix shopping online and in store. And seven in 10 of those issued a chip credit/debit card said that the shift to chip credit and debit cards has had no/not much influence on how they will shop this holiday season (71%).
For data, background and forecasts on EMV: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).